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The Bonds were issued on 3 September 2004 with an original maturity of 20 years. At the issuer’s option, the Bonds can be redeemed on 3 September 2014 and each interest payment date thereafter. The issuer will redeem the Bonds in full on 3 September 2014 (i.e. the first optional call date) at their principal amount together with accrued interest.

Important Notice
Nothing in the present notice constitutes an offer to sell or the solicitation of an offer to buy in any jurisdiction (including in the United States of America, in Italy, in the United Kingdom or in Japan). No document related to this call on the first optional call date can be circulated, directly or indirectly (i) in the United States of America, in Italy, in the United Kingdom or in Japan, or to any person located or resident in these countries or in the countries mentioned in (ii) hereafter or (ii) in any other country where such circulation could be illegal or subject to legal restrictions.

About Atradius
The Atradius Group provides trade credit insurance, surety and collections services worldwide and has a presence through more than 160 offices in 50 countries. Atradius has access to credit information on 100 million companies worldwide. Its products help protect companies throughout the world from payment risks associated with selling products and services on credit.

The statements made herein are provided solely for general informational purposes and should not be relied upon for any purpose. Please refer to the actual policy or the relevant product or services agreement for the governing terms. Nothing herein should be construed to create any right, obligation, advice or responsibility on the part of Atradius, including any obligation to conduct due diligence of buyers or on your behalf. If Atradius does conduct due diligence on any buyer it is for its own underwriting purposes and not for the benefit of the insured or any other person.
Additionally, in no event shall Atradius and its related, affiliated and subsidiary companies be liable for any direct, indirect, special, incidental, or consequential damages arising out of the use of the statements made information herein.